RBI proposes beneficiary name verification for RTGS and NEFT transactions

The Reserve Bank of India (RBI) has proposed to provide a facility to the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction in Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

Payment Systems like UPI and IMPS provide a facility to the remitter to verify the name of the receiver before initiating a payment transaction.